CALEDONIAN GOLD MINE.

Te Aroha News, Volume VII, Issue 451, 5 March 1890, Page 5

CALEDONIAN GOLD MINE.

Auckland, Feb. 2S. At eleven o’clock this forenoon the annual general meeting of shareholders in the Caledonian Goldmining Company (Thames) was held in the office of the Company, New Zealand Insurance Buildings. There was a quorum present, and Air J. M. Lennox, Chairman of Directors, presided. The directors submitted the following report: —“ A’our directors, in presenting you with their annual report, must say that the hopes held out in tho past year have nob been realised. It was thought that many of the large reefs taken in hand would have turned out more favourably, having in the commencement shown fair indications of payable returns. Unfortunately, after a short period of working they had to be abandoned. Prospecting is still being carried on, and the mine manager reports that more favourable indications are presenting themselves. Your directors hope that with a continuous and steady working at the different reefs in the mine, better results will be obtained in the future. One unfortunateaccidenbhappened last year bo two of the tributers engaged in the mine, and this has led to long and protracted litigation. Your directors felt that the sum awarded as damages was most exorbitant and were unanimous in strenuously resisting the same. The Warden’s decision was, however, upheld. All claims are now settled. The battery is now in a most efficient state and has been largely employed in crushing, some 2,000 loads having been put through on the Company’s account during the last year. Messrs Brown and Lennox, two of your directors, retire by rotation, bub are eligible for re-election.”

The statement of receipts and expenditure for the year submitted, showed the total receipts to be £5,052 7s 4d, made up as follows Calls, £2,121 6s 6d ; tribute, £166 8s 7d ; gold, £1,095 16s 7d: crushing, etc., £691 18s lOd ; bank balances, £976 16s lOd. The expenditure was £4,451 10s 3d, including, a bank ovei’draft of £593 16s 7d ; mine account, wages, etc., £1,906 4s 3d ; battery wages, £836 12s 9d ; requisites, £lB6 10s 7d ; water, £275 18s 7:1: gas, £25 6s 6d ; directors’ fees, £B2 6s; drainage, £lls ; coa', £B7 2s 3d ; rent for battery sitoj £B3 10s ; law expenses, £573

5s 3d ; interest, £55 4s 2d ; property tax, £7 18s 4d ; sundry expenses, £216 5s Id ; cash in hand, £7 6s. The balance-sheet showed to creditors £394 Is 2d, to creditors old Caledonia, £545 17s ; to capital, 24,000 shares at ss, £6,000 ; bank overdraft, £976 163 lOd. By properiy, £1,250 ; contributions to big "pump, £77 ; shores and calls (unpaid), £3,870 13s 6d ; cash in hand, £7 6s ; "balance, £2,704 Is ; total, £7,916 15s. The mine manager submitted a report, detailing the work don 6 in the mine during the past year, and explaining that large quantities of quartz had been put through the battery and turned out very poorly. Mr J. M. Lennox moved the adoption of the directors’ report and the balancesheet. In doing so he referred to the various causes \ hi h had militated against the Company during the year, and the heavy burden which the calls imposed on the shareholders. The shareholders had shown great courage and perseverance in responding so well to the call for fui.di, and lie hoped that before long they would reap the reward they deserved. Better prospects wore now showing in the mine, and fie hoped that in a short time the Company would again be in a prosperous condition. He referred at some length to the recent law-suit in the Thames Warden's Court, in which the Company were mulcted in such heavy damages, and he characterised the amount of damages awarded as most exorbitant and unfair. Mr James Reid seconded the motion, and the documents were adopted. The retiring directors, Messrs Lennox and Brown, were re-elected. Mr J. M. Lennox proposed that Mr J. Waymoufch be appointed auditor. Mr Spratt moved that Mr D. B. McDona’d be elected auditor instead, and this was resolved upon. A vote of thanks to the Chairman concluded the meeting. Another call in this Company is to be made on Wednesday next.